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What is Homeowners insurance?

Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it. Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.

Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.

Homeowner HO3, HA5

If you have tangible assets, you need the protection of a homeowner’s policy. These policies cover you in a home or an apartment, whether you are an owner or a renter. A well-written homeowner's policy will pay to replace any of your personal property that is destroyed in a fire or other disaster. The policy will also be your first line of defense against a lawsuit from someone injured at your home.

The cost of this coverage is determined by many rating factors. The quality of the coverage, however, is determined by the quality of the insurer and whether the policy is written on a named perils or all-risk basis. A named-perils policy covers only those losses specifically cited in the contract. The all-risk policy works the opposite way -- unless a peril is specifically excluded, coverage is provided. The all-risk policy is broader and the burden of proof is on the carrier not you in the event of a loss.

About The Landlord Package DP1, DP2, DP3

As a Landlord (owner of the property), you need to protect your dwelling against fire, Flood, and other named perils. The Landlord policy is similar to the Homeowner policy in Dwelling replacement, and Liability. However, the owners (Landlords) is not living there, and their personal properties are not much in the renting property. The documents normally send to the insured's residence, or mailing address. Renting property can be a single house, condo, mobilehome, manufactured home, or 1-4 unit apartment

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